About 75,000 assets worth £15bn have been sold by cash-strapped English councils since 2010, according to the Institute for Public Policy Research (IPPR) think-tank.

A new study published today largely blamed austerity for the fact that on average more than 6,000 council assets worth around £1.2bn annually have been sold every year since 2010.

Only 2,500 assets came newly into community ownership since 2010, according to IPPR.

The report follows news that Birmingham City Council will sell further assets in an attempt to improve its financial position after declaring effective bankruptcy.

Director of IPPR North, Zoë Billingham, said: ‘Communities have lost billions worth of public land and buildings in their areas, local safety nets are crumbling all while Government plays fast and loose with major regional infrastructure projects.

‘Regional rebalancing must be reprioritised by central Government and through support of regional leaders who continue to champion the agenda locally.'

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